Imprimis spun out Surface in 2017 to develop ocular surface treatments but its stake will be cut to 30% following Flying L Partners' investment.
Surface Pharmaceuticals, a US-based ocular therapy spinoff from ophthalmological drug manufacturer Imprimis Pharmaceuticals, agreed on Tuesday to a $20m private placement from affiliate of investment partnership Flying L Partners.
The series A share placement consists of $15m received by Surface on May 11 and a further $5m due within 90 days. Imprimis will retain a 30% share of Surface and royalty interests in the drug formulations it has provided for the company.
Spun off in 2017, Surface is developing three…
